RFS to Buy 4 Hotels for About $90 Million

Times Staff and Wire Reports

RFS Hotel Investors Inc. said it will buy four Sheraton hotels in the state for about $90 million, boosting the number of hotels it owns here to seven. The acquisition will add 814 rooms to the 7,400 rooms and suites that the Memphis, Tenn.-based real estate investment trust owns. RFS said it expects to complete the acquisition in January. RFS will buy a 229-room hotel in San Jose, a 214-room hotel in Pleasanton and a 171-room hotel in Sunnyvale. The company will also buy a 197-room hotel in Bakersfield. RFS owns 52 hotels in 23 states, including Residence Inns, Hampton Inns and Comfort Inns. RFS shares were unchanged at $17 on NYSE.

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